Mineral Resources shares dive on double board departure
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More news: Mineral Resources shares sank after the mining group announced the abrupt resignation of two non-executive directors.
MinRes shares were down 7.1% to $16.96 at 2:15pm AEST, taking losses over the last year to more than 75%.
Two Mineral Resources directors step down
The news: Mineral Resources has announced that Jacqueline McGill and Susie Corlett have resigned as non-executive directors with immediate effect.
The numbers: The mining group did not disclose any reasons for the two directors’ exit. McGill joined the board in January 2024, while Corlett has been a director since January 2021.
The context: “Both Susie and Jacqui have dedicated substantial time and effort over recent months in our efforts to improve governance and procedures across the business, whilst navigating their significant other professional commitments,” Non-executive Chair James McClements said in a statement.
Mineral Resources is currently facing a formal investigation from corporate regulator ASIC after managing director Chris Ellison last year admitted to involvement in an alleged tax evasion scheme. It is also facing class action proceedings in the Supreme Court of Victoria.
Capital Brief reported earlier today that influential proxy adviser Ownership Matters was recommending shareholders vote against Corlett's re-election as an Iluka Resources director because of her presence on the board of Mineral Resources.
The source: ASX
